Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

Equity Bottom-Up

<ul><li>Booking Holdings reported second quarter 2026 results that surpassed the high end of its guidance across key financial metrics, including room nights, gross bookings, revenue, and adjusted EBITDA.</li><li>The company highlighted the resilience of its diversified global platform amid ongoing geopolitical uncertainty driven by the Middle East conflict, which continues to affect long-haul international travel through elevated airline prices and reduced capacity.</li><li>In contrast, domestic and intra-regional travel showed healthier trends, supporting overall demand.</li></ul>

Booking Holdings reported second quarter 2026 results that surpassed the high end of its guidance across key financial metrics, including room nights, gross bookings, revenue, and adjusted EBITDA.The company highlighted the resilience of its diversified global platform amid ongoing geopolitical uncertainty driven by the Middle East conflict, which continues to affect long-haul international travel through elevated airline prices and reduced capacity.In contrast, domestic and intra-regional travel showed healthier trends, supporting overall demand.

Booking Holdings Is Not Just A Hotel Platform — Connected Trip Is Gaining Ground!

Quality-first, Business-perspective, Long-term, Urbem (HK) Limited

Urbem Capital

Quality-first, Business-perspective, Long-term

Quality-first, Business-perspective Strategy

Urbem (HK) Limited

<ul>
<li>From energy drinks to a 19th-century land trust, ten different stocks turned USD 1 into over USD 300 from 2001 to mid-2025, versus USD 7.7 for the S&amp;P 1500.</li>
<li>Five conditions explain their compounding: a long runway, self-funding growth, pricing power, scale that improved the business, and per-share discipline, guided by owner-minded leaders.</li>
<li>The next pre-giants show improving rather than already-high returns, gross margin rising first, and a label the market still gets wrong; our screen sets out what to test.</li>
</ul>


From energy drinks to a 19th-century land trust, ten different stocks turned USD 1 into over USD 300 from 2001 to mid-2025, versus USD 7.7 for the S&amp;P 1500.
Five conditions explain their compounding: a long runway, self-funding growth, pricing power, scale that improved the business, and per-share discipline, guided by owner-minded leaders.
The next pre-giants show improving rather than already-high returns, gross margin rising first, and a label the market still gets wrong; our screen sets out what to test.


Before They Were Giants: What Ten 300-Baggers Shared, and How to Spot the Next One

Equity Long-Short

Mo Aziz

Thematic (Sector/Industry)

<ul>
<li>All major global OTAs declined in value today (4 Feb) due to a brief escalation between the US and Iran and fears of slowing consumer demand, triggering risk aversion.  </li>
<li>Fundamentals remain intact, with booking trends and earnings remaining healthy, signalling a macro reset rather than demand weakness.</li>
<li>Use the pullback as a trading opportunity: accumulate Booking Holdings and Trip.com on valuation-led weakness, while staying underweight Airbnb, MakeMyTrip, and Tripadvisor given their stretched valuations.</li>
</ul>


All major global OTAs declined in value today (4 Feb) due to a brief escalation between the US and Iran and fears of slowing consumer demand, triggering risk aversion.  
Fundamentals remain intact, with booking trends and earnings remaining healthy, signalling a macro reset rather than demand weakness.
Use the pullback as a trading opportunity: accumulate Booking Holdings and Trip.com on valuation-led weakness, while staying underweight Airbnb, MakeMyTrip, and Tripadvisor given their stretched valuations.


Global Online Travel Agent (OTA): Macro De-Rating Creates Selective Entry Points in Travel Platforms

Independent in-depth research from Finimize, Finimize

Finimize Research

Independent in-depth research from Finimize

Finimize

Finimize is the #1 information platform for modern investors. We empower people to become smarter investors with bitesize insights from world-class analysts. 1 million+ strong community, 250 partners.

<ul>
<li>The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.</li>
<li>But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.</li>
<li>It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.</li>
</ul>


The US economy’s resilience hasn’t come from the many – it’s come from the top 10% as the “wealth effect” from rising asset prices has boosted spending.
But it works in reverse too.  Since the richest make up nearly half of America’s consumer spending, that could lead to a serious economic fallout.
It’s worth considering protecting your portfolio. I’ve pulled together one list of companies that should do well and another that could suffer from the change in climate.


A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

Covering IPOs, Healthcare and Technology Stocks

Andrei Zakharov

Equity Capital Markets

<ul>
<li>Klook Technology Limited, travel and leisure booking platform company with leadership position in APAC intra-regional travel, aims to raise up to $500M in US IPO.</li>
<li>The company is expected to IPO in December. Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the offering and Klook will list its ADSs on the NYSE.</li>
<li>My IPO valuation analysis coalesces around initial valuation range between $2.5B and $3.5B for Klook Technology Limited upcoming offering.</li>
</ul>


Klook Technology Limited, travel and leisure booking platform company with leadership position in APAC intra-regional travel, aims to raise up to $500M in US IPO.
The company is expected to IPO in December. Goldman Sachs, J.P. Morgan and Morgan Stanley are leading the offering and Klook will list its ADSs on the NYSE.
My IPO valuation analysis coalesces around initial valuation range between $2.5B and $3.5B for Klook Technology Limited upcoming offering.


Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

United States

Booking Holdings Inc. operates as an online travel company. The Company offers a platform that allows to make travel reservations with providers of travel services, as well as provides accommodation reservations, rentals cars, airline tickets, and vacation packages. Booking Holdings serves customers worldwide.

Price Gauge
52-week Range	0.00 - 0.00
Market Cap (USDm)	0.00
P/E	0.00
Dividend (Yield)	0.00

Booking Holdings (BKNG US)

Booking Holdings Is Not Just A Hotel Platform — Connected Trip Is Gaining Ground!

Booking Holdings reported second quarter 2026 results that surpassed the high end of its guidance across key financial metrics, including room...

Baptista Research

Before They Were Giants: What Ten 300-Baggers Shared, and How to Spot the Next One

An energy drink, a freight carrier and a 19th-century land trust beat the market by hundreds of times. The traits they shared were visible earlier...

Urbem Capital

Global Online Travel Agent (OTA): Macro De-Rating Creates Selective Entry Points in Travel Platforms

OTA weakness reflects macro and geopolitical noise, not fundamentals. Buy Booking Holdings and Trip.com on the dip; stay underweight Airbnb,...

Mo Aziz

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

Travel booking platform Klook Technology Limited plans to raise up to $500M in upcoming US IPO. In my insight, I discuss IPO valuation scenarios,...

Andrei Zakharov

Price Gauge

52-week Range

Market Cap (USDm)

P/E

Dividend (Yield)

Booking Holdings Is Not Just A Hotel Platform — Connected Trip Is Gaining Ground!

Booking Holdings reported second quarter 2026 results that surpassed the high end of its guidance across key financial metrics, including room...

Baptista Research

Before They Were Giants: What Ten 300-Baggers Shared, and How to Spot the Next One

An energy drink, a freight carrier and a 19th-century land trust beat the market by hundreds of times. The traits they shared were visible earlier...

Urbem Capital

Global Online Travel Agent (OTA): Macro De-Rating Creates Selective Entry Points in Travel Platforms

OTA weakness reflects macro and geopolitical noise, not fundamentals. Buy Booking Holdings and Trip.com on the dip; stay underweight Airbnb,...

Mo Aziz

A Defensive Portfolio Prepared For The Wealth Effect’s Reversal

The top 10% account for around 50% of consumer spending in the US. This insight looks at the sectors and companies that could win and lose from the...

Finimize Research

Klook IPO (NYSE: KLK): Fair Valuation Would Be Significantly Above Last Reported Valuation

​Travel booking platform Klook Technology Limited plans to raise up to $500M in upcoming US IPO. In my insight, I discuss IPO valuation scenarios,...

Andrei Zakharov

Travel booking platform Klook Technology Limited plans to raise up to $500M in upcoming US IPO. In my insight, I discuss IPO valuation scenarios,...